TY 2018 Form 990

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(1) RAY WALKER MD...................................................................... CHAIRMAN	20.00 .................	X	X	14,000	0	0
(2) SUNNY RAMCHANDANI MD...................................................................... MEMBER	5.00 .................	X		0	0	0
(3) SUBHI ALI MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(4) SANDRA JOHNSON...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(5) RUSSELL LIBBY MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(6) RIP HOLLISTER MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(7) RALPH NOBO MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(8) PHIL SCHUH...................................................................... MEMBER	5.00 ................. 40.00	X		0	334,750	37,000
(9) PAUL HARRINGTON...................................................................... MEMBER	5.00 ................. 40.00	X		12,000	0	0
(10) PALMER JONES...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(11) LOU GOODMAN...................................................................... MEMBER	5.00 ................. 40.00	X		12,000	765,717	148,167
(12) JOSEPH VALENTI MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(13) JENNIFER HANSCOM...................................................................... MEMBER	5.00 ................. 40.00	X		12,000	215,048	19,553
(14) GERALD MCKENNA MD...................................................................... MEMBER	5.00 .................	X		12,000	0	0
(15) GARY PRICE MD...................................................................... MEMBER	5.00 .................	X		14,000	0	0
(16) DUSTIN CORCORAN...................................................................... MEMBER	5.00 ................. 40.00	X		12,000	919,472	71,649
(17) DON ALEXANDER...................................................................... MEMBER	5.00 .................	X		12,000	0	0

(A) Name and business address	(B) Description of services	(C) Compensation
WEIL MEDICAL COLLEGE OF CORNELL 575 LEXINGTON AVE 9TH FLOOR NEW YORK,NY10022	PROGRAM PROJECT	1,500,000
GMA FOUNDATIONS 2 LIBERTY SQUARE SUITE 500 BOSTON,MA02109	GRANT MANAGEMENT	468,415
COOPERKATZ 205 LEXINGTON AVE 5TH FLOOR NEW YORK,NY10016	COMMUNICATIONS	344,141
MERRITT HAWKINS & ASSOCIATES PO BOX 281943 ATLANTA,GA30384	SURVEY	300,000
NORBECK ASSOCIATES LLC 22451 GLENVIEW LANE BONITA SPRINGS,FL34135	EXECUTIVE MANAGEMENT	300,000
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 5

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990 or 990-EZ).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................85

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 10 above (see instructions))	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN		Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(A) ALASKA STATE MEDICAL ASSOCIATION	926002176	10	Yes		0	0
(B) REGENTS OF THE UNIVERSITY OF CALIFORNIA SAN FRANCISCO	946036493	7		No	0	0
(C) PALM BEACH COUNTY MEDICAL SOCIETY SERVICES	651048299	7		No	148,800	0
(D) OHIO MEDICAL EDUCATION FOUNDATION	310907287	10		No	0	0
(E) NORTH CAROLINA MEDICAL SOCIETY FOUNDATION	566088142	7		No	650,000	0
(F) NEBRASKA MEDICAL FOUNDATION	476036827	7		No	0	0
(G) MOUNT SINAI MEDICAL CENTER	136271888	7		No	0	0
(H) MONTANA MEDICAL ASSOCIATION FOUNDATION	463696068	10		No	0	0
(I) SOUTH CAROLINA MEDICAL ASSOCIATION FOUNDATION	570168534	10		No	15,075	0
(J) MISSISSIPPI STATE MEDICAL ASSOCIATION FOUNDATION	570906060	10		No	0	0
(K) MICHIGAN STATE MEDICAL SOCIETY FOUNDATION	386069432	7		No	0	0
(L) METRO OMAHA MEDICAL SOCIETY FOUNDATION	470814363	10		No	0	0
(M) MEDICAL SOCIETY OF VIRGINIA FOUNDATION	521394768	7		No	0	0
(N) MEDICAL EDUCATION AND SCIENTIFIC FOUNDATION OF NY	112780360	7		No	149,300	0
(O) MEDICAL ASSOCIATION OF GEORGIA FOUNDATION	586066431	7		No	0	0
(P) MAYO CLINIC	416011702	10		No	0	0
(Q) MAINE QUALITY COUNTS	204935972	7		No	0	0
(R) LOUISIANA STATE MEDICAL SOCIETY EDUCATION AND RESEARCH FOUNDATION	237029259	7		No	0	0
(S) MINNEAPOLIS MEDICAL RESEARCH FOUNDATION (HENNEPIN HEALTHCARE RESEARCH)	411677920	7		No	0	0
(T) SOUTH DAKOTA STATE MEDICAL ASSOCIATION FOUNDATION	466012680	5		No	0	0
(U) TENNESSEE MEDICAL EDUCATION FUND INC (TN MEDICAL ASSOCIATION STUDENT EDUCA	626049920	7		No	0	0
(V) TEXAS MEDICAL ASSOCIATION SPECIAL FUNDS FOUNDATION	742749879	7		No	0	0
(W) ASSOCIATION OF WOMEN SURGEONS FOUNDATION	364029232	10		No	99,556	0
(X) CALIFORNIA MEDICAL ASSOCIATION FOUNDATION	946062822	7		No	0	0
(Y) WYOMING MEDICAL SOCIETY SCHOLARSHIP FUND	836004846	7		No	0	0
(Z) WSMA FOUNDATION FOR HEALTH CARE IMPROVEMENT	916074463	7		No	0	0
(AA) WISCONSIN MEDICAL SOCIETY FOUNDATION	396045649	7		No	0	0
(AB) WESTERN CAROLINA MEDICAL SOCIETY FOUNDATION INC	455586998	10		No	0	0
(AC) VERMONT MEDICAL SOCIETY EDUCATION AND RESEARCH FOUNDATION	200183445	10		No	0	0
(AD) UTAH MEDICAL ASSOCIATION FOUNDATION	876122299	10		No	75,000	0
(AE) UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL	566001393	2		No	0	0
(AF) UNIVERSITY OF MASSACHUSETTS MEDICAL SCHOOL	043167352	2		No	0	0
(AG) UNIVERSITY MEDICINE FOUNDATION (BROWN MEDICINE)	050450410	4		No	0	0
(AH) UNITED PHYSICIANS AND SURGEONS OF AMERICA	471819061	7		No	0	0
(AI) TWIN CITIES MEDICAL SOCIETY FOUNDATION	510178010	10		No	0	0
(AJ) TRAVIS COUNTY MEDICAL SOCIETY FOUNDATION	741720086	7		No	0	0
(AK) THE GENERAL HOSPITAL (MASSACHUSETTS GENERAL HOSPITAL)	042697983	3		No	0	0
(AL) THE BOWLER-BARTLETT FOUNDATION	237425858	7		No	0	0
(AM) KENTUCKY FOUNDATION FOR MEDICAL CARE	237181728	7		No	0	0
(AN) KANSAS MEDICAL FOUNDATION	481194663	7		No	0	0
(AO) JOAN & SANFORD I WEILL MEDICAL COLLEGE OF CORNELL UNIVERSITY NYPH-WEILL CO	131623978	2		No	0	0
(AP) INSTITUTE OF MEDICINE AND PUBLIC & NEW JERSEY	200678012	7		No	0	0
(AQ) WASHINGTON STATE MEDICAL ASSOCIATION	910462170	10	Yes		0	0
(AR) VERMONT MEDICAL SOCIETY	030164911	10	Yes		0	0
(AS) TEXAS MEDICAL ASSOCIATION	741078510	10	Yes		0	0
(AT) TENNESSEE MEDICAL ASSOCIATION	620382010	10	Yes		0	0
(AU) SOUTH CAROLINA MEDICAL ASSOCIATION	570248750	10	Yes		0	0
(AV) NORTH CAROLINA MEDICAL ASSOCIATION	560320130	10	Yes		0	0
(AW) NEW HAMPSHIRE MEDICAL SOCIETY	020223176	10	Yes		0	0
(AX) NEBRASKA MEDICAL ASSOCIATION	470372108	10	Yes		0	0
(AY) MEDICAL SOCIETY OF NORTHERN VIRGINA	540739279	10	Yes		0	0
(AZ) MEDICAL SOCIETY OF NEW YORK	131030760	10	Yes		0	0
(BA) MEDICAL SOCIETY OF NEW JERSEY	210601684	10	Yes		0	0
(BB) MEDICAL ASSOCIATION OF GEORGIA	580605267	10	Yes		0	0
(BC) LOUISIANA STATE MEDICAL SOCIETY	720386637	10	Yes		0	0
(BD) HAWAII MEDICAL ASSOCIATION	990067306	10	Yes		0	0
(BE) FLORIDA MEDICAL ASSOCIATION	590559672	10	Yes		0	0
(BF) EL PASO COUNTY MEDICAL SOCIETY	741238007	10	Yes		0	0
(BG) DENTON COUNTY MEDICAL SOCIETY	751676014	10	Yes		0	0
(BH) CONNECTICUT STATE MEDICAL SOCIETY	060665164	10	Yes		0	0
(BI) CALIFORNIA MEDICAL ASSOCIATION	940359340	10	Yes		0	0
(BJ) ACCMA COMMUNITY HEALTH FOUNDATION	461703508	7		No	150,000	0
(BK) BAYLOR SCOTT & WHITE HEALTHCARE FOUNDATION	273513154	7		No	150,000	0
(BL) AMERICAN ACADEMY OF DERMATOLOGY	410793046	10		No	0	0
(BM) AMERICAN MEDICAL ASSOCIATION FOUNDATION	366080517	7		No	0	0
(BN) INSTITUTE FOR MEDICAL QUALITY	943240330	10		No	150,000	0
(BO) INDIANA MEDICAL FOUNDATION	237001672	7		No	150,000	0
(BP) HEALTH LEADS	450484533	7		No	0	0
(BQ) HAWAII MEDICAL FOUNDATION	237063698	7		No	0	0
(BR) FOUNDATION OF THE AMERICAN ASSOCIATION OF MEDICAL SOCIETY EXECUTIVES	362915937	10		No	0	0
(BS) FOUNDATION FOR HEALTHY FLORIDIANS	462259497	7		No	505,000	0
(BT) FAMILY HEALTH CENTER OF WORCESTER	042485308	7		No	0	0
(BU) EQUALHEALTH INC (PHYSICIANS FOR HAITI)	273645742	7		No	0	0
(BV) DOCS FOR PATIENT CARE FOUNDATION	464752703	10		No	250,000	0
(BW) DELAWARE MEDICAL EDUCATION FOUNDATION	510343625	7		No	0	0
(BX) DANIEL HANLEY CENTER FOR HEALTH LEADERSHIP	204271488	7		No	0	0
(BY) CONNECTICUT STATE MEDICAL SOCIETY PHYSICIAN HEALTH & EDUCATION FUND	061425205	7		No	150,000	0
(BZ) COMMUNITY SERVICE EDUCATION AND RESEARCH FUND	237003581	7		No	0	0
(CA) COLORADO MEDICAL SOCIETY FOUNDATION	841390157	10		No	0	0
(CB) CENTER FOR A HEALTHY MARYLAND	521110642	7		No	0	0
(CC) CALIFORNIA ACADEMY OF FAMILY PHYSICIANS FOUNDATION	941149565	7		No	129,850	0
(CD) BOARD OF TRUSTEES OF THE LELAND STANFORD JR UNIVERSITY	941156365	2		No	0	0
(CE) BENJAMIN RUSH INSTITUTE	461848302	7		No	0	0
(CF) AMERICAN ACADEMY OF PEDIATRICS	362275597	10		No	150,000	0
(CG) PHYSICIANS FOR A HEALTHY CALIFORNIA	946062822	7		No	150,000	0
Total 85					3,072,581	0

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2018

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv), 170(b)(1)(A)(vi), and 170(b)(1)(A)(ix)
(Complete only if you checked the box on line 5, 7, 8, or 9 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf....
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

Gross receipts from related activities, etc. (see instructions) ..................

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2018 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2017 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2018. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2017. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2018. If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain
in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization ..................................................... right arrow

10%-facts-and-circumstances test—2017. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization ................................................ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2018

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here............................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2018 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2017 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2018 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2017 Schedule A, Part III, line 17 .............

19a

331/3% support tests—2018. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2017. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990 or 990-EZ) 2018

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked 12a of Part I, complete Sections A and B. If you checked 12b of Part I, complete Sections A and C. If you checked 12c of Part I, complete Sections A, D, and E. If you checked 12d of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Yes

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.

Yes

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Yes

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Yes

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 12a or 12b in Part I, answer (b) and (c) below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Yes

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Yes

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined in line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined in line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990 or 990-EZ) 2018

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?

11a

A family member of a person described in (a) above?

11b

A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Yes

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Yes

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer (a) and (b) below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer (a) and (b) below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990 or 990-EZ) 2018

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by .035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990 or 990-EZ) 2018

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations (continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity
3 Administrative expenses paid to accomplish exempt purposes of supported organizations
4 Amounts paid to acquire exempt-use assets
5 Qualified set-aside amounts (prior IRS approval required)
6 Other distributions (describe in Part VI). See instructions
7Total annual distributions. Add lines 1 through 6.
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions
9 Distributable amount for 2018 from Section C, line 6
10 Line 8 amount divided by Line 9 amount

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2018	(iii) Distributable Amount for 2018
1 Distributable amount for 2018 from Section C, line 6
2 Underdistributions, if any, for years prior to 2018 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2018:
a From 2013.......
b From 2014.......
c From 2015.......
d From 2016.......
e From 2017.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2018 distributable amount
i Carryover from 2013 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2018 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2018 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2018, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2018. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2019. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2014......
b Excess from 2015.....
c Excess from 2016.....
d Excess from 2017.....
e Excess from 2018.....

Schedule A (Form 990 or 990-EZ) (2018)

Schedule A (Form 990 or 990-EZ) 2018

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
PART IV, SECTION A, LINE 1:	SUPPORTED ORGANIZATIONS ARE DESIGNATED IN THE GOVERNING DOCUMENTS BY CLASS OR PURPOSE: "TO SUPPORT, BENEFIT OR CARRY OUT THE CHARITABLE PURPOSES OF PUBLICLY SUPPORTED ORGANIZATIONS WHOSE PURPOSES INCLUDE PROMOTING HIGH QUALITY MEDICAL CARE, INCLUDING, WITHOUT LIMITATION, ASSISTING PHYSICIANS AND THE PUBLIC TO IMPROVE THE QUALITY OF CARE RECEIVED BY PATIENTS IN THE EVOLVING HEALTHCARE ENVIRONMENT, IN A MANNER THAT CONSTITUTES CHARITABLE, SCIENTIFIC, AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE CODE."
PART IV, SECTION A, LINE 2:	THE FOUNDATION CONFIRMS ANNUALLY THAT EACH OF ITS SUPPORTED ORGANIZATIONS QUALIFY AS PUBLICLY SUPPORTED ORGANIZATIONS. ALL 501(C)(6) SUPPORTED ORGANIZATIONS ARE DEEMED TO BE DESCRIBED IN SECTION 509(A)(2) BECAUSE MEMBERSHIP DUES CONSTITUTED MORE THAN ONE THIRD OF THEIR SUPPORT, AND NO MORE THAN ONE THIRD OF THEIR SUPPORT CAME FROM GROSS INVESTMENT INCOME AND NET UNRELATED BUSINESS TAXABLE INCOME.
PART IV, SECTION A, LINE 3B:	THE FOUNDATION MAINTAINS A COPY OF THE DETERMINATION LETTER FOR EACH SUPPORTED ORGANIZATION THAT QUALIFIES UNDER SECTION 501(C)(6) ALONG WITH AN ANNUALLY-UPDATED SCHEDULE DEMONSTRATING THE ORGANIZATION'S COMPLIANCE WITH THE SECTION 509(A)(2) PUBLIC SUPPORT TEST.
PART IV, SECTION A, LINE 3C:	TO ENSURE THAT ITS ASSETS ARE USED FOR CHARITABLE PURPOSES, THE FOUNDATION MAKES GRANTS ONLY TO 501(C)(3) ORGANIZATIONS OR 501(C)(6) ORGANIZATIONS THAT ARE DEEMED TO BE DESCRIBED IN SECTION 509(A)(2). FUNDED PROJECTS ARE APPROVED AFTER A RIGOROUS APPLICATION PROCESS. GRANTS ARE MADE SUBJECT TO A WRITTEN AGREEMENT REQUIRING PERIODIC AND FINAL FINANCIAL AND NARRATIVE REPORTS AND PROVIDING THAT THE FOUNDATION MAY WITHHOLD FUTURE PAYMENTS AND DEMAND CORRECTION OF MISUSE OF FUNDS SHOULD THE FOUNDATION DETERMINE FUNDS HAVE NOT BEEN USED FOR APPROVED PURPOSES.
PART IV, SECTION A, LINE 5A:	AS DESCRIBED IN PART IV, NUMBER 3C, THE FOUNDATION MAKES GRANTS TO 501(C)(3) ORGANIZATIONS AND 501(C)(6) ORGANIZATIONS THAT ARE DEEMED TO BE DESCRIBED IN SECTION 509(A)(2) THAT ARE INCLUDED IN THE CLASS OF ORGANIZATIONS DESIGNATED IN THE GOVERNING DOCUMENTS BY CLASS OR PURPOSE. IN 2018 THE FOUNDATION MADE NEW GRANTS TO 3 ORGANIZATIONS THAT WERE NOT LISTED ON THE 2017 FORM 990: ASSOCIATION OF WOMEN SURGEONS FOUNDATION, BAYLOR SCOTT & WHITE HEALTHCARE FOUNDATION, AND PHYSICIANS FOR A HEALTHY CALIFORNIA. SOME OF THE SUPPORTED ORGANIZATIONS DID NOT RECEIVE SUPPORT DURING 2018, BUT THEY ARE ALL LISTED ON SCHEDULE A, PART VI OF THE 2018 FORM 990. 5 ORGANIZATIONS THAT WERE LISTED AS SUPPORTED ORGANIZATIONS ON THE 2017 FORM 990, SCHEDULE A ARE NO LONGER SUPPORTED ORGANIZATIONS AND WERE REMOVED FROM THE 2018 LIST.
PART IV, SECTION B, LINE 2:	IN ADDITION TO MAKING GRANTS TO 501(C)(3) ORGANIZATIONS OPERATED, SUPERVISED OR CONTROLLED BY SUPPORTED ORGANIZATIONS NAMED IN THE ORGANIZING DOCUMENTS, THE FOUNDATION ALSO GIVES GRANTS TO 501(C)(6) ORGANIZATIONS TO CARRY OUT THE FOUNDATION'S CHARITABLE PURPOSES. SEE REV. RUL. 76-401, 1976-C.B. 175, WHICH PROVIDES THAT THE GENERAL REQUIREMENTS OF SECTIONS 1.509(A)-4(C), (D) AND (E) OF THE REGULATIONS ARE INAPPLICABLE TO SUPPORTED SECTION 501(C)(6) ORGANIZATIONS FOR PURPOSES OF SATISFYING BOTH THE ORGANIZATIONAL AND OPERATIONAL TESTS OF SECTION 509(A)(3)(A) OF THE INTERNAL REVENUE CODE. THE FOUNDATION MAKES GRANTS TO PUBLICLY SUPPORTED ORGANIZATIONS THAT DO NOT CONTROL THE FOUNDATION, BUT BY BENEFITTING THEM, THE FOUNDATION CARRIES OUT THE PURPOSE OF THE CONTROLLING SIGNATORY ENTITIES, AS PERMITTED UNDER SECTION 1.509(A)-4(G)(1)(II) OF THE REGULATIONS.

Schedule A (Form 990 or 990-EZ) 2018

Additional Data

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SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
SchDMd Bullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2018

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds. Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a)Current year	(b)Prior year	(c)Two years back	(d)Three years back	(e)Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations .................

3a(i)

(ii) related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....
b	Buildings ....
c	Leasehold improvements
d	Equipment ....
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..		0

Schedule D (Form 990) 2018

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3) Other (A) VANGUARD TOTAL BD MKT IDX INST	8,311,708	F
(B) METROPOLITAN WST INTM BD I	8,419,331	F
(C) S&P 500 INDEX FUND	9,638,927	F
(D) ISHARES SP SMALLCAP 600 INDEX	5,656,512	F
(E) FPA CRESCENT FD INSTL	5,923,762	F
(F) ISHARES S&P MIDCAP 400 INDEX	6,038,108	F
(G) PIMCO INCOME INST	7,010,742	F
(H) BLACKROCK GLOBAL ALLOCATION I	5,741,004	F
(I) WELLS FARGO ABSOLT RET I	5,653,147	F
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	62,393,241

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2018

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	-5,107,203
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	-13,004,295
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................			2e	-13,004,295
3	Subtract line 2e from line 1..................			3	7,897,092
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a	264,661
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................			4c	264,661
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	8,161,753

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	7,055,524
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d....................			2e	0
3	Subtract line 2e from line 1...................			3	7,055,524
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a	264,661
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.....................			4c	264,661
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	7,320,185

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
PART X, LINE 2:	THE FOUNDATION ACCOUNTS FOR UNCERTAINTY OF INCOME TAXES BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD FOR THE RECOGNITION AND DE-RECOGNITION OF TAX POSITIONS, WHICH INCLUDES THE ACCOUNTING FOR INTEREST AND PENALTIES. AT DECEMBER 31, 2018, THE FOUNDATION DOES NOT HAVE ANY UNRECOGNIZED TAX BENEFITS RESULTING FROM ITS TAX POSITIONS.

Schedule D (Form 990) 2018

Additional Data

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Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization
THE PHYSICIANS FOUNDATION INC

Employer identification number
20-0914085

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) MEDICAL EDUCATION AND SCIENTIFIC FOUNDATION OF NY 865 MERRICK AVE WESTBURY,NY11590	11-2780360	501(C)(3)	149,300	TO SUPPORT A LEADERSHIP PROGRAM TARGETING MEDICAL STUDENTS, RESIDENTS AND YOUNG PHYSICIANS
(2) DOCS FOR PATIENT CARE FOUNDATION 1210 NORTH MAPLE ROAD ANN ARBOR,MI48103	46-4752703	501(C)(3)	250,000	TO SUPPORT THE DIRECT PRIMARY CARE CONFERENCE
(3) FOUNDATION FOR HEALTHY FLORIDIANS 1430 PIEDMONT DRIVE EAST TALLAHASSEE,FL32308	46-2259497	501(C)(3)	500,000	HURRICANE DISASTER RELIEF SUPPORT
(4) FOUNDATION FOR HEALTHY FLORIDIANS 1430 PIEDMONT DRIVE EAST TALLAHASSEE,FL32308	46-2259497	501(C)(3)	5,000	TO DEVELOP EDUCATIONAL CONTENT AND PROMOTING AWARENESS OF PHYSICIAN-LED MODELS OF CARE
(5) SOUTH CAROLINA MEDICAL ASSOCIATION FOUNDATION PO BOX 11188 COLUMBIA,SC29211	57-0168534	501(C)(3)	15,075	HURRICANE DISASTER RELIEF SUPPORT
(6) NORTH CAROLINA MEDICAL SOCIETY FOUNDATION PO BOX 27167 RALEIGH,NC27611	56-6088142	501(C)(3)	500,000	HURRICANE DISASTER RELIEF SUPPORT
(7) UTAH MEDICAL ASSOCIATION FOUNDATION 310 E 4500 SOUTH 500 SALT LAKE CITY,UT84107	87-6122299	501(C)(3)	75,000	TO SUPPORT A PHYSICIAN LEADERSHIP PROGRAM
(8) CALIFORNIA ACADEMY OF FAMILY PHYSICIANS FOUNDATION 1520 PACIFIC AVENUE SAN FRANCISCO,CA94109	94-1149565	501(C)(3)	129,850	TO SUPPORT THE CREATION OF A READY TO LEAD PROGRAM
(9) PALM BEACH COUNTY MEDICAL SOCIETY SERVICES 3540 FOREST HILL BLVD 101 WEST PALM BEACH,FL33406	65-1048299	501(C)(3)	148,800	TO DEVELOP A PHYSICIAN LEADERSHIP PROGRAM ADDRESSING DIVERSITY
(10) ACCMA COMMUNITY HEALTH FOUNDATION 6230 CLAREMONT AVE 3RD FLOOR OAKLAND,CA94618	46-1703508	501(C)(3)	150,000	TO SUPPORT A PHYSICIAN LEADERSHIP PROGRAM
(11) AMERICAN ACADEMY OF PEDIATRICS 141 NORTHWEST POINT BLVD ELK GROVE,IL60007	36-2275597	501(C)(3)	150,000	TO SUPPORT A YOUNG PHYSICIAN LEADERSHIP ALLIANCE WITH AN INTERNSHIP PROGRAM
(12) CONNECTICUT STATE MEDICAL SOCIETY PHYSICIAN HEALTH & EDUCATION FUND 127 WASHINGTON AVE EAST BLDG 3RD FLOOR NORTH HAVEN,CT06473	06-1425205	501(C)(3)	150,000	TO SUPPORT THE DEVELOPMENT OF YOUNG PHYSICIAN LEADERS
(13) INDIANA MEDICAL FOUNDATION 23 CANAL WALK INDIANAPOLIS,IN46202	23-7001672	501(C)(3)	150,000	TO SUPPORT A PHYSICIAN LEADERSHIP PROGRAM
(14) INSTITUTE FOR MEDICAL QUALITY 180 HOWARD STREET STE 210 SAN FRANCISCO,CA94105	94-3240330	501(C)(3)	150,000	TO SUPPORT A PHYSICIAN LEADERSHIP PROGRAM
(15) NORTH CAROLINA MEDICAL SOCIETY FOUNDATION PO BOX 27167 RALEIGH,NC27611	56-6088142	501(C)(3)	150,000	TO SUPPORT A PHYSICIAN LEADERSHIP PROGRAM
(16) ASSOCIATION OF WOMEN SURGEONS FOUNDATION 225 W WHACKER DR SUITE 650 CHICAGO,IL60606	36-4029232	501(C)(3)	99,556	TO ADDRESS BURNOUT IN WOMEN SURGERY RESIDENTS
(17) BAYLOR SCOTT & WHITE HEALTHCARE FOUNDATION 204 S 31ST STREET TEMPLE,TX76508	27-3513154	501(C)(3)	150,000	TO FIGHT BURNOUT IN WOMEN PHYSICIANS USING LEADERSHIP DEVELOPMENT
(18) PHYSICIANS FOR A HEALTHY CALIFORNIA 1201 J STREET SUITE 200 SACRAMENTO,CA95814	94-6062822	501(C)(3)	150,000	TO DEVELOP PROGRAMS TO REDUCE STRESS AND INCREASE WELLNESS OF ETHNIC MINORITY WOMEN PHYSICIANS

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2018

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference

Explanation

PART I, LINE 2:

TO ENSURE THAT ITS ASSETS ARE USED FOR CHARITABLE PURPOSES, THE FOUNDATION MAKES GRANTS ONLY TO 501(C)(3) ORGANIZATIONS AND 501(C)(6) ORGANIZATIONS THAT ARE DEEMED TO BE DESCRIBED IN SECTION 509(A)(2). FUNDED PROJECTS ARE APPROVED ONLY AFTER A RIGOROUS APPLICATION PROCESS. THE GRANT COMMITTEE MEETS QUARTERLY TO DISCUSS RECOMMENDED PHYSICIAN LEADERSHIP PROPOSALS AND APPROVAL OF GRANTS THAT RELATE TO THE FOUNDATION'S MISSION. FINAL RECOMMENDATIONS ARE APPROVED BY THE FULL BOARD. GRANTS ARE MADE SUBJECT TO A WRITTEN AGREEMENT REQUIRING PERIODIC AND FINAL FINANCIAL AND NARRATIVE REPORTS AND PROVIDING THAT THE FOUNDATION MAY WITHHOLD FUTURE PAYMENTS AND DEMAND CORRECTION OF MISUSE OF FUNDS SHOULD THE FOUNDATION DETERMINE THAT FUNDS HAVE NOT BEEN USED FOR APPROVED PURPOSES.

Schedule I (Form 990) 2018

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .........

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2018

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1PHIL SCHUH MEMBER	(i) (ii)	0 ------------- 334,750	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 37,000	0 ------------- 371,750	0 ------------- 0
2LOU GOODMAN MEMBER	(i) (ii)	12,000 ------------- 614,255	0 ------------- 0	0 ------------- 151,462	0 ------------- 117,170	0 ------------- 30,997	12,000 ------------- 913,884	0 ------------- 0
3JENNIFER HANSCOM MEMBER	(i) (ii)	12,000 ------------- 184,920	0 ------------- 23,128	0 ------------- 7,000	0 ------------- 8,616	0 ------------- 10,937	12,000 ------------- 234,601	0 ------------- 0
4DUSTIN CORCORAN MEMBER	(i) (ii)	12,000 ------------- 500,000	0 ------------- 400,000	0 ------------- 19,472	0 ------------- 24,750	0 ------------- 46,899	12,000 ------------- 991,121	0 ------------- 0
5ROBERT SELIGSON TREASURER	(i) (ii)	14,000 ------------- 402,507	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	14,000 ------------- 402,507	0 ------------- 0
6LARRY DOWNS SECRETARY	(i) (ii)	14,000 ------------- 214,248	0 ------------- 0	0 ------------- 8,570	0 ------------- 0	0 ------------- 0	14,000 ------------- 222,818	0 ------------- 0
7JOHN DORMAN COO	(i) (ii)	0 ------------- 362,249	0 ------------- 31,923	0 ------------- 59,300	0 ------------- 55,000	0 ------------- 12,490	0 ------------- 520,962	0 ------------- 0

Schedule J (Form 990) 2018

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation

Schedule J (Form 990) 2018

Additional Data

Software ID:
Software Version:

- TIN:

Schedule L
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
MediumBullet

Attach to Form 990 or Form 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Part I

Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.

1(a) Name of disqualified person	(c) Description of transaction	(d) Corrected?
1(a) Name of disqualified person	(c) Description of transaction	Yes	No

Enter the amount of tax incurred by organization managers or disqualified persons during the year under section 4958. ........................... Bullet Image

Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ Bullet Image

Part II

Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22

(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	(d) Loan to or from the organization?		(e)Original principal amount	(f)Balance due	(g) In default?		(h) Approved by board or committee?		(i)Written agreement?
(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	To	From	(e)Original principal amount	(f)Balance due	Yes	No	Yes	No	Yes	No






Total ............... $

Part III

Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of assistance	(d) Type of assistance	(e) Purpose of assistance

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50056A

Schedule L (Form 990 or 990-EZ) 2018

Page 2

Part IV

Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of transaction	(d) Description of transaction	(e) Sharing of organization's revenues?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) NORBECK ASSOCIATES LLC	OWNED BY CEO TIM NORBECK	300,000	PROVIDES CEO-LEVEL MANAGEMENT SERVICES; TRANSACTIONS ARE AT ARMS-LENGHT AND FAIR VALUE		No
(2) COO INFORMATICS LLC	OWNED BY COO JOHN DORMAN	100,000	PROVIDES COO-LEVEL MANAGEMENT SERVICES		No

Part V

Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).

Return Reference	Explanation

Schedule L (Form 990 or 990-EZ) 2018

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 3	THE FOUNDATION HAS CONTRACTS WITH INDEPENDENT CONTRACTORS WHO PROVIDE SERVICES AS CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF OPERATING OFFICER (COO). THE COMPENSATION PAID TO THESE INDIVIDUALS HAS BEEN DISCLOSED ON PAGE 8, PART VII, SECTION B.
FORM 990, PART VI, SECTION A, LINE 4	THE ARTICLES OF INCORPORATION WERE AMENDED IN 2018 TO AMEND THE CHARITABLE PURPOSES OF THE FOUNDATION TO BE ORGANIZED AND OPERATED TO SUPPORT, BENEFIT OR CARRY OUT THE CHARITABLE PURPOSES OF THE 20 PUBLICLY SUPPORTED MEDICAL SOCIETIES AND ASSOCIATIONS NAMED THEREIN, THE PURPOSES OF WHICH INCLUDE "PROMOTING HIGH QUALITY MEDICAL HEALTH CARE, INCLUDING, WITHOUT LIMITATION, ASSISTING PHYSICIANS AND THE PUBLIC TO IMPROVE THE QUALITY OF HEALTH CARE RECEIVED BY PATIENTS IN AN EVOLVING HEALTH CARE ENVIRONMENT AND TO ENHANCE THE DELIVERY OF MEDICAL CARE TO DISADVANTAGED MEMBERS OF THE PUBLIC IN A MANNER THAT CONSTITUTES CHARITABLE, SCIENTIFIC OR EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTIONS 501(C)(3) AND 170(C)(2)(B) OF THE CODE." OTHER AMENDMENTS INCLUDED REVISING THE ARTICLE RELATED TO THE BOARD OF DIRECTORS TO REFER SUCH PROVISIONS TO THE BYLAWS. THE BYLAWS WERE ALSO AMENDED IN 2018 TO MAKE CONFORMING CHANGES RELATED TO THE CHARITABLE PURPOSES AND THE BOARD OF DIRECTORS AS AMENDED BY THE ARTICLES OF INCORPORATION.
FORM 990, PART VI, SECTION A, LINE 7A	THE MEDICAL ASSOCIATIONS AND SOCIETIES NAMED IN THE FOUNDATION'S BYLAWS HAVE THE POWER TO APPOINT MEMBERS OF THE BOARD OF DIRECTORS AND MAY REMOVE THEIR RESPECTIVE APPOINTEES.
FORM 990, PART VI, SECTION B, LINE 11B	A DRAFT OF THE FORM 990 IS REVIEWED BY THE COO AND DISTRIBUTED TO EACH BOARD MEMBER PRIOR TO FILING WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	BOARD MEMBERS ARE REQUIRED TO DISCLOSE POTENTIAL CONFLICTS OF INTEREST NO LESS FREQUENTLY THAN ANNUALLY. THE BOARD OF DIRECTORS REVIEWS THE DISCLOSURES AND ENSURES ALL TRANSACTIONS ARE FAIR TO THE FOUNDATION. IF THE POLICY IS VIOLATED, THE BOARD OF DIRECTORS MAY VOID THE CONTRACT OR TRANSACTION AND RECOVER DAMAGES OR MODIFY THE PRICE AND TERMS TO MATCH WHAT THE FOUNDATION WOULD RECEIVE IN AN ARM'S-LENGTH NEGOTIATION.
FORM 990, PART VI, SECTION B, LINE 15A	IN 2015, THE BOARD OF DIRECTORS CONTRACTED WITH AN INDEPENDENT COMPENSATION CONSULTANT TO ENSURE THAT AMOUNTS PAID TO DIRECTORS AND TO THE LLC'S PROVIDING CEO AND COO SERVICES TO THE FOUNDATION ARE NOT EXCESSIVE.
FORM 990, PART VI, SECTION C, LINE 19	ALL REQUIRED DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
FORM 990, PART IX, LINE 11G	PAYMENTS IN LIEU OF BOARD STIPENDS: PROGRAM SERVICE EXPENSES 13,680. MANAGEMENT AND GENERAL EXPENSES 4,320. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,000. GRANT MANAGEMENT FEES: PROGRAM SERVICE EXPENSES 292,061. MANAGEMENT AND GENERAL EXPENSES 157,264. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 449,325. COMMUNICATIONS: PROGRAM SERVICE EXPENSES 275,801. MANAGEMENT AND GENERAL EXPENSES 118,200. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 394,001.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2018

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE PHYSICIANS FOUNDATION INC

Employer identification number

20-0914085

Part I

Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)ALASKA STATE MEDICAL ASSOCIATION 4107 LAUREL ST ANCHORAGE,AK99508 92-6002176	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	AK	501(C)(6)				No
(2)CALIFORNIA MEDICAL ASSOCIATION 1201 J STREET SUITE 200 SACREMENTO,CA95814 94-0359340	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	CA	501(C)(6)				No
(3)CONNECTICUT STATE MEDICAL SOCIETY 127 WASHINGTON AVE EAST 3RD FLOOR NORTH HAVEN,CT06473 06-0665164	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	CT	501(C)(6)				No
(4)DENTON COUNTY MEDICAL SOCIETY 3537 S INTERSTATE 35 ESTE 302 DENTON,TX76210 75-1676014	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	TX	501(C)(6)				No
(5)EL PASO COUNTY MEDICAL SOCIETY 730 CITADEL DR EAST SUITE 206 COLORADO SPRINGS,CO80909 74-1238007	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	CO	501(C)(6)				No
(6)FLORIDA MEDICAL ASSOCIATION 1430 PIEDMONT DR E TALLAHASSEE,FL32308 59-0559672	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	FL	501(C)(6)				No
(7)HAWAII MEDICAL ASSOCIATION 1360 S BERETANIA ST 200 HONOLULU,HI96814 99-0067306	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	HI	501(C)(6)				No
(8)LOUISIANA STATE MEDICAL SOCIETY 6767 PERKINS ROAD SUITE 100 BATON ROUGE,LA70808 72-0386637	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	LA	501(C)(6)				No
(9)MEDICAL ASSOCIATION OF GEORGIA 1849 THE EXCHANGE SUITE 200 ATLANTA,GA30339 58-0605267	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	GA	501(C)(6)				No
(10)MEDICAL SOCIETY OF NEW JERSEY TWO PRINCESS ROAD LAWRENCEVILLE,NJ08648 21-0601684	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	NJ	501(C)(6)				No
(11)MEDICAL SOCIETY OF NEW YORK 865 MERRICK AVE SUITE 200 WESTBURY,NY11590 13-1030760	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	NY	501(C)(6)				No
(12)MEDICAL SOCIETY OF NORTHERN VIRGINA 4604 JONES BRANCH DR SUITE 3150 MCLEAN,VA22102 54-0739279	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	VA	501(C)(6)				No
(13)NEBRASKA MEDICAL ASSOCIATION 233 S 13TH STREET SUITE 1200 LINCOLN,NE68508 47-0372108	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	NE	501(C)(6)				No
(14)NEW HAMPSHIRE MEDICAL SOCIETY 7 NORTH STATE DTREET CONCORD,NH03301 02-0223176	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	NH	501(C)(6)				No
(15)NORTH CAROLINA MEDICAL ASSOCIATION PO BOX 27167 RALEIGH,NC27611 56-0320130	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	NC	501(C)(6)				No
(16)SOUTH CAROLINA MEDICAL ASSOCIATION 132 WESTPARK BLVD COLUMBIA,SC29210 57-0248750	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	SC	501(C)(6)				No
(17)TENNESSEE MEDICAL ASSOCIATION 701 BRADFORD AVENUE NASHVILLE,TN37204 62-0382010	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	TN	501(C)(6)				No
(18)TEXAS MEDICAL ASSOCIATION 401 WEST 15TH STREET SUITE 100 AUSTIN,TX78701 74-1078510	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	TX	501(C)(6)				No
(19)VERMONT MEDICAL SOCIETY PO BOX 1457 MONTPELIER,VT05601 03-0164911	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	VT	501(C)(6)				No
(20)WASHINGTON STATE MEDICAL ASSOCIATION 2001 SIXTH AVE SUITE 2700 SEATTLE,WA98121 91-0462170	PROFESSIONAL SOCIETY REPRESENTING PHYSICIANS	WA	501(C)(6)				No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2018

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	Yes	No

Schedule R (Form 990) 2018

Page 3

Part V

Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

b Gift, grant, or capital contribution to related organization(s) ............................

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

Yes

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

o Sharing of paid employees with related organization(s) ............................

p Reimbursement paid to related organization(s) for expenses ............................

Yes

q Reimbursement paid by related organization(s) for expenses ............................

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) CALIFORNIA MEDICAL ASSOCIATION	P	7,693	FMV
(2) MEDICAL SOCIETY OF NEW JERSEY	P	5,593	FMV
(3) MEDICAL SOCIETY OF THE STATE OF NY	P	8,012	FMV
(4) MEDICAL SOCIETY OF THE STATE OF NY	R	12,000	FMV
(5) TEXAS MEDICAL ASSOCIATION	P	38,124	FMV
(6) TEXAS MEDICAL ASSOCIATION	M	100,000	CONTRACTED AMOUNT
(7) WASHINGTON STATE MEDICAL ASSOCIATION	P	10,145	FMV

Schedule R (Form 990) 2018

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2018

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R (see instructions).

Return Reference	Explanation

Schedule R (Form 990) 2018

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: THE FOUNDATION'S PURPOSE IS TO ADVANCE THE WORK OF PRACTICING PHYSICIANS AND TO IMPROVE THE QUALITY OF HEALTH CARE FOR ALL AMERICANS.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	23
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	15
5	Total number of individuals employed in calendar year 2018 (Part V, line 2a) ......	5	0
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	0	0
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	4,793,923	8,161,753
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	4,793,923	8,161,753
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	5,829,978	3,072,581
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	219,500	258,000
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	3,297,446	3,989,604
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	9,346,924	7,320,185
19	Revenue less expenses. Subtract line 18 from line 12.......	-4,553,001	841,568
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	119,293,065	106,371,957
21	Total liabilities (Part X, line 26).............	3,285,200	2,526,819
22	Net assets or fund balances. Subtract line 21 from line 20.....	116,007,865	103,845,138

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 3,523,453 including grants of $ 1,657,950 ) (Revenue $ )
	PHYSICIAN LEADERSHIP - GRANTS AND PROGRAMS TO EQUIP PHYSICIANS WITH THE CORE MANAGEMENT AND LEADERSHIP SKILLS NEEDED AS THEY INCREASINGLY FACE ADMINISTRATIVE AND REGULATORY BURDENS.

4b	(Code: ) (Expenses $ 1,322,705 including grants of $ 1,015,075 ) (Revenue $ )
	DISASTER RELIEF - GRANTS TO HELP PHYSICIAN PRACTICES REBUILD AFTER DISASTERS SO THEY CAN GET BACK TO TREATING PATIENTS AS QUICKLY AS POSSIBLE.

4c	(Code: ) (Expenses $ 546,707 including grants of $ 399,556 ) (Revenue $ )
	WELLNESS - GRANTS AND PROGRAMS TO SUPPORT SYSTEMIC CHANGE AND INNOVATIVE RESEARCH THAT REDUCES PHYSICIAN BURNOUT WHICH CAN HAVE DEVASTATING EFFECTS ON PHYSICIANS' QUALITY OF LIFE, AS WELL AS ON COST OF, ACCESS TO, AND QUALITY OF CARE.

	(Code: ) (Expenses $ 719,561 including grants of $ ) (Revenue $ )
	OTHER ACTIVITIES TO PROMOTE HIGH QUALITY MEDICAL CARE.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 719,561 including grants of $ ) (Revenue $ )
4e	Total program service expenses6,112,426

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) ALEX MALTER MD........................................................................ MEMBER	5.00 .......................	X		9,000	0	0
(19) ROBERT SELIGSON........................................................................ TREASURER	15.00 .......................40.00	X	X	14,000	402,507	0
(20) LARRY DOWNS........................................................................ SECRETARY	5.00 .......................40.00	X	X	14,000	222,818	0
(21) LAWRENCE BRAUD MD........................................................................ VICE PRESIDENT	5.00 .......................	X	X	14,000	0	0
(22) ALAN PLUMMER MD........................................................................ VICE PRESIDENT	10.00 .......................	X	X	14,000	0	0
(23) MARCH SEABROOK........................................................................ MEMBER	5.00 .......................5.00	X		9,000	19,000	0
(24) JOHN DORMAN........................................................................ COO	5.00 .......................40.00		X	0	453,472	67,490
(25) TIM NORBECK MGMT CO........................................................................ CEO	40.00 .......................		X	0	0	0

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	258,000	3,332,784	343,859

1a	Federated campaigns..	1a
b	Membership dues..	1b
c	Fundraising events..	1c
d	Related organizations	1d
e	Government grants (contributions)	1e

f	All other contributions, gifts, grants, and similar amounts not included above	1f

g	Noncash contributions included in lines 1a - 1f:$
h Total. Add lines 1a-1f.......

		Business Code
2a
b
c
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f ....

3 Investment income (including dividends, interest, and othersimilar amounts) ......			3,082,875			3,082,875
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
		(ii) Personal	(i) Real
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss)......
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory		28,478,224
b	Less: cost or other basis and sales expenses		23,399,346
c	Gain or (loss)		5,078,878
d	Net gain or (loss).....			5,078,878			5,078,878
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Business Code			Miscellaneous Revenue
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......
12	Total revenue. See Instructions......			8,161,753	0	0	8,161,753

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21	3,072,581	3,072,581
2	Grants and other assistance to domestic individuals. See Part IV, line 22
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, line 15 and 16.
4	Benefits paid to or for members
5	Compensation of current officers, directors, trustees, and key employees ....	258,000	196,080	61,920
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....
9	Other employee benefits .......
10	Payroll taxes ...........
11	Fees for services (non-employees):
a	Management ......	400,000	275,000	125,000
b	Legal .........	161,727		161,727
c	Accounting ...........	110,550		110,550
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	264,661		264,661
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	861,326	581,542	279,784
12	Advertising and promotion ....
13	Office expenses .......	10,947		10,947
14	Information technology ......	85,287	22,564	62,723
15	Royalties ..
16	Occupancy ...........
17	Travel ............	284,881	216,510	68,371
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	155,002	117,802	37,200
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..
23	Insurance ...	21,623		21,623
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	PROFESSIONAL CONSULTING	1,442,617	1,442,617
b	LEADERSHIP DEVELOPMENT	132,921	132,921
c	SPONSORSHIPS	87,665	87,665
d	DUES AND SUBSCRIPTIONS	3,253		3,253
e	All other expenses	-32,856	-32,856
25	Total functional expenses. Add lines 1 through 24e	7,320,185	6,112,426	1,207,759	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........		323,798	1	932,485
2	Savings and temporary cash investments .........		2,927,515	2	3,910,658
3	Pledges and grants receivable, net ......			3
4	Accounts receivable, net .............			4
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L .............
				5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L ..............
				6
7	Notes and loans receivable, net ....			7
8	Inventories for sale or use ........			8
9	Prepaid expenses and deferred charges ......		64,514	9	675,708
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation	10b		10c
11	Investments—publicly traded securities .		59,135,090	11	38,459,865
12	Investments—other securities. See Part IV, line 11 .....		56,842,148	12	62,393,241
13	Investments—program-related. See Part IV, line 11 ..			13
14	Intangible assets ...............			14
15	Other assets. See Part IV, line 11 ...........			15
16	Total assets. Add lines 1 through 15 (must equal line 34)...		119,293,065	16	106,371,957

17	Accounts payable and accrued expenses .....	177,223	17	108,761
18	Grants payable ...	3,107,977	18	2,418,058
19	Deferred revenue .........		19
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..		22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D		25
26	Total liabilities. Add lines 17 through 25..	3,285,200	26	2,526,819

	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets	116,007,865	27	103,845,138
28	Temporarily restricted net assets ...........		28
29	Permanently restricted net assets		29
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund ...		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances ...........	116,007,865	33	103,845,138
34	Total liabilities and net assets/fund balances ........	119,293,065	34	106,371,957